PHOENIX, Nov. 9, 2010 (GLOBE NEWSWIRE) -- American Energy Fields, Inc. (OTCBB:AEFI) (the "Company") is pleased to announce it has increased its land position in the Date Creek Basin by leasing the North Anderson Uranium Project from the Arizona State Land Department. The lease is accompanied with an exploration permit which will allow the Company to begin its exploration plans to identify the acreage's uranium potential. The lease and exploration permit covers 640 acres of State land.
The North Anderson resides in the Date Creek Basin where in 1979, the Department Of Energy (D.O.E) conducted an evaluation of the Date Creek Basin and the Artillery Mountains where they estimated that the area could contain as much as 1,260,000,000 lbs. of uranium. The area was the target of exploration efforts by Union 76 and Urangelselschaft in the 1970s. The Company has obtained data concerning the exploration efforts and will use it to evaluate the exploration possibilities in the region.
In order to fully evaluate the uranium potential of the North Anderson, the Company plans a reverse circulation (RC) drill program and accompanying down-hole radiometric geophysical probe program. The geologic and structural environment and previous identification of radioactive anomalies indicate that the area is favorable for uranium mineralization.
Company President and CEO, Joshua Bleak, stated, "The North Anderson is an exciting project for us as it adds to our acreage in the uranium rich Date Creek Basin. The Basin, which is also home to our Artillery Peak project where we have identified an inferred 2.8 million lbs. of uranium, is recognized as one of the most abundant uranium areas in the world. With strong indications of uranium existing and an exploration permit in hand, we are excited to further our program in an effort to identify and define a uranium resource."
About American Energy Fields, Inc.
American Energy Fields, Inc. is a resource company focused on exploring and developing the natural energy resources of the United States. American Energy Fields' corporate strength lies in its management's experience in the finance and natural resource sectors. AEF has one of the most prolific mining databases for energy related projects within the United States. With this database, AEF will target and acquire projects with previous production and/or exploration and work towards fully developing those projects to drive revenues and build core reserves.
Safe Harbor Statement
Except for the statements of historical fact contained herein, the information presented in this news release constitutes "forward-looking statements" as such term is used in applicable United States and Canadian laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any other statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, the actual results of exploration activities, variations in the underlying assumptions associated with the estimation or realization of mineral resources, the availability of capital to fund programs and the resulting dilution caused by the raising of capital through the sale of shares, accidents, labour disputes and other risks of the mining industry including, without limitation, those associated with the environment, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, title disputes or claims limitations on insurance coverage. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release and in any document referred to in this news release.